(Bloomberg) — Asian stocks traded in a narrow range on Monday as investors weighed a raft of data which reinforced concerns about the health of China’s economy.
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South Korean shares eked out a gain while Australian equities fell and futures pointed to a lower start in Hong Kong. Cash trading of US Treasuries was closed in Asia due to a holiday in Japan. The yen dropped after Bank of Japan Governor Kazuo Ueda indicated Friday that authorities aren’t in a hurry to raise interest rates again.
China’s economy is showing little signs of recovery, with data last week showing governments have cut spending while the youth jobless rate climbed to its highest level this year as the nation’s banks refrain from cutting lending rates. Adding to the weak sentiment, the US is said to be planning rules that would ban Chinese hardware and software for connected vehicles…
